Hello Los Angeles Small Business Owners and Entrepreneurs,
Is the economic recovery here yet? Not if we look at California’s recent unemployment numbers. The jobless rate increased up from 12.3% in November as employers laid off 38,800 workers in December, capping a dismal year in which the state lost more than half a million jobs.
The state has the fifth-highest unemployment rate in the nation, after Michigan, Nevada, Rhode Island and South Carolina, and economists expect it to lag as the construction and retail sectors continue to struggle. Overall, the nation lost 85,000 jobs in December, but its unemployment rate remained at 10%.
Over the last two years, California has lost more than 1 million jobs.
The state's unemployment rate in December 2008 was 8.7%. In 2009, it jumped to double digits, where economists expect it to remain for this year. So Californians don’t expect an employment recovery any time soon, it will be a while before we return back to the days of inflated prosperity.
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If you are interested in finding additional Los Angeles County small business resources, events, or filing your new Los Angeles County Fictitious Business Name/DBA, visit the Premier Los Angeles County Small Business Resource website www.LABusinessConnect.com. This website is dedicated to assisting Los Angeles County entrepreneurs and small business owners find answers to opening and operating their business locally.
Showing posts with label California Business Leaving. Show all posts
Showing posts with label California Business Leaving. Show all posts
Friday, January 22, 2010
Tuesday, January 5, 2010
Northrop Grumman Corp. Leaving Los Angeles
The recent news of Northrop Grumman Leaving Los Angeles and moving its corporate headquarters to Washington, D.C., is a blow to the Southern California business community.
Northrop joins a list of other major corporate companies who have left Los Angeles in recent years, including Hilton Hotels Corp. of Beverly Hills and Computer Sciences Corp. of El Segundo.
The company said it will move its entire corporate staff to the Washington, D.C., area by summer 2011 to be closer to its key customer the U.S. government. Northrop will be taking with them about 300 employees from its corporate office in Century City.
Although corporate operations will be moving to Washington D.C., Northrop management maintains that California remains a significant location for its operations with about 30,000 employees located in Southern California.
Still, Northrop will now lose its distinction as the last major aerospace firm based in Southern California -- once home too many of the nation's largest military contractors, including Lockheed Corp., General Dynamics Corp. and Rockwell International.
Northrop History
Northrop was founded in 1939 in Hawthorne. During World War II aircraft manufacturing boomed in California, with factories running around the clock. The industry was so robust that communities such as Lakewood were spawned to house workers.
But by the late 1980s, aerospace manufacturing in the Southland had peaked. The end of the Cold War triggered a major retrenchment that led to consolidation of the industry.
Northrop reported $33.9 billion in sales in 2008. Among military firms, it is second in sales behind Lockheed.
Impact on Southern California
In addition to losing a long established stable of the Los Angeles County business community, California will feel the economic impact. With the recent economic declines in California tax revenues, the departure of Northrop will be felt by the state with losing such a high sales grossing California corporate operation.
If you are interested in finding additional Los Angeles County small business resources, events, or filing your new Los Angeles County Fictitious Business Name/DBA, visit the Premier Los Angeles County Small Business Resource website www.LABusinessConnect.com. This website is dedicated to assisting Los Angeles County entrepreneurs and small business owners find answers to opening and operating their business locally.
Northrop joins a list of other major corporate companies who have left Los Angeles in recent years, including Hilton Hotels Corp. of Beverly Hills and Computer Sciences Corp. of El Segundo.
The company said it will move its entire corporate staff to the Washington, D.C., area by summer 2011 to be closer to its key customer the U.S. government. Northrop will be taking with them about 300 employees from its corporate office in Century City.
Although corporate operations will be moving to Washington D.C., Northrop management maintains that California remains a significant location for its operations with about 30,000 employees located in Southern California.
Still, Northrop will now lose its distinction as the last major aerospace firm based in Southern California -- once home too many of the nation's largest military contractors, including Lockheed Corp., General Dynamics Corp. and Rockwell International.
Northrop History
Northrop was founded in 1939 in Hawthorne. During World War II aircraft manufacturing boomed in California, with factories running around the clock. The industry was so robust that communities such as Lakewood were spawned to house workers.
But by the late 1980s, aerospace manufacturing in the Southland had peaked. The end of the Cold War triggered a major retrenchment that led to consolidation of the industry.
Northrop reported $33.9 billion in sales in 2008. Among military firms, it is second in sales behind Lockheed.
Impact on Southern California
In addition to losing a long established stable of the Los Angeles County business community, California will feel the economic impact. With the recent economic declines in California tax revenues, the departure of Northrop will be felt by the state with losing such a high sales grossing California corporate operation.
If you are interested in finding additional Los Angeles County small business resources, events, or filing your new Los Angeles County Fictitious Business Name/DBA, visit the Premier Los Angeles County Small Business Resource website www.LABusinessConnect.com. This website is dedicated to assisting Los Angeles County entrepreneurs and small business owners find answers to opening and operating their business locally.
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